Merger in the offing

It’s a day late, but Happy Independence Day!

- FIL C. SIONIL

Yes, Virginia—June 12 marked the 127th year of our independence. But wait, did you know there’s even more to celebrate every June 12? Based on my research, did you know that June 12 is also Raggedy Ann and Andy Day, as well as National Jerky Day, Superman Day, World Day Against Child Labor, and National Peanut Butter Cookie Day?

Our Independence Day celebration reminds us of our forebears, the veterans, who gallantly fought for our freedom. This brings to the fore the current buzz I hear along the banking corridors: the new management of Philippine Veterans Bank is keenly eyeing to purchase UCPB Savings Bank Inc.

The buy-out will be undertaken through a negotiated sale by RYM Business Management Corp., owned by the family of House Speaker Ferdinand Martin Romualdez, which acquired a 49-percent interest in Veterans Bank in 2023.

A wholly owned subsidiary of Land Bank of the Philippines, UCPB Savings has been on the auction block following the President’s approval of its privatization in August last year. In March 2022, LandBank inherited UCPB Savings after its merger with the mother bank, United Coconut Planters Bank.